Israel’s JFrog files plans for $100 million Nasdaq IPO
Though the company’s valuation has yet to be announced, in the past it has completed funding rounds at values surpassing $1.5 billion
Though the company’s valuation has yet to be announced, in the past it has completed funding rounds at values surpassing $1.5 billion and it is expected to increase significantly ahead of the IPO.
JFrog reported on sales totaling $128 million in the 12 months ending on June 30th, 2020.
The company was founded in 2008 by CEO Shlomi Ben Haim, Yoav Landman, and Frederic Simon. JFrog develops tools designed to streamline the coding process and automate software updates. Its technology is currently involved in most of the world’s software updates.
In its filing, the company stated that the Covid-19 pandemic and the restriction put in place to curb it, has brought about a slowdown in its growth. It said it anticipated a decline in growth due to a drop in the number of new clients and upgrades by existing clients, caused by the changes to clients’ expenses and computing budgets. It said, however, that in the second quarter it had felt more market support for its products and expressed faith that the transition to cloud computing created ample opportunities for the company.
The Israeli company's revenues at the end of 2019 were $104.7 million compared to $63.5 million at the end of 2018. In the first half of 2020, the company recorded revenues of $69.2 million compared to revenues of $ 46.1 million in the first half of 2019. JFrog also reported a very low operating loss in the first half of the year of about $761,000 compared to a loss of $3.1 million in the first half of 2019. In 2019 the company’s operating loss was $6.9 million and in 2018 it was $26.8 million.